Listed Real Estate Enterprise Performance Evaluation

This paper aims at the evaluation of the performance of listed real estate companiesand provides reference for China’s real estate enterprises to improve their businessperformance. Firstly, it briefly introduces the theoretical basis of enterprise performanceevaluation and DEA method, and by comparing with other performance evaluationmethods, the DEA method is applied to performance evaluation of real estate listingcorporation. Then, according to the general steps of modeling DEA and characteristicsof the real estate industry, it introduces modeling steps of listed real estate enterpriseperformance evaluation model based on DEA. At last, uses the data of2007-2011andthe method of DEA and Malmquist index to empirically analysis, and makes use ofTobit regression model analyzing influential factors.Through empirical analysis, the following conclusions are reached:(1) Theanalysis between Crste of DEA and regional factors show that regions have no effect tothe performance of the enterprise;(2) The analysis between ultimate control of thehuman nature of equity and the Malmquist value show that the state-owned firms havemore competitive advantages than private firms;(3) Correlation analysis of the mean ofDEA efficiency value and stock average price reveal that there was no significantcorrelation between them.(4) The analysis of performance factors showed that:performance with total asset turnover, ROIC was positively correlated; with debt assetratio was negatively correlated; with equity ratio of the largest shareholder was notsignificant.